Bhutan Macroeconomic and Public Finance Policy Note
Author : Genevieve Boyreau
Publisher :
Page : pages
File Size : 46,69 MB
Release : 2015
Category :
ISBN :
Bhutan
Author : International Monetary Fund. Asia and Pacific Dept
Publisher : International Monetary Fund
Page : 63 pages
File Size : 38,94 MB
Release : 2016-06-30
Category : Business & Economics
ISBN : 1498341519
Book Description
This paper discusses the recent economic developments, outlook, and risks for Bhutan. Following a slowdown in activity in the wake of the rupee shortage, economic growth has picked up more recently. From an average of about 8 percent during the Ninth and Tenth Five-Year Plans spanning fiscal years (FYs) 2003/04–2012/13, real GDP growth fell below 4 percent in FY2012/13 and FY2013/14. Bhutan’s medium-term outlook remains favorable. Commissioning of new hydropower generation projects will boost output, exports, and fiscal revenues. However, domestic risks stem from the need to manage high debt and potentially volatile hydropower-related inflows, which may fuel rapid credit growth and lead to renewed external pressure.
Gross National Happiness and Macroeconomic Indicators in the Kingdom of Bhutan
Author : Sriram Balasubramanian
Publisher : International Monetary Fund
Page : 26 pages
File Size : 45,76 MB
Release : 2019-01-17
Category : Business & Economics
ISBN : 1484389719
Book Description
This paper examines the origins and use of the concept of Gross National Happiness (or subjective well-being) in the Kingdom of Bhutan, and the relationship between measured well-being and macroeconomic indicators. While there are only a few national surveys of Gross National Happiness in Bhutan, the concept has been used to guide public policymaking for the country’s various Five-Year Plans. Consistent with the Easterlin Paradox, available evidence indicates that Bhutan’s rapid increase in national income is only weakly associated with increases in measured levels of well-being. It will be important for Bhutan to undertake more frequent Gross National Happiness surveys and evaluations, to better build evidence for comovement of well-being and macroeconomic concepts such as real national income.
A Proposal to End the COVID-19 Pandemic
Author : Ruchir Agarwal
Publisher : International Monetary Fund
Page : 54 pages
File Size : 33,26 MB
Release : 2021-05-19
Category : Business & Economics
ISBN : 1513577603
Book Description
Urgent steps are needed to arrest the rising human toll and economic strain from the COVID-19 pandemic that are exacerbating already-diverging recoveries. Pandemic policy is also economic policy as there is no durable end to the economic crisis without an end to the health crisis. Building on existing initiatives, this paper proposes pragmatic actions at the national and multilateral level to expeditiously defeat the pandemic. The proposal targets: (1) vaccinating at least 40 percent of the population in all countries by the end of 2021 and at least 60 percent by the first half of 2022, (2) tracking and insuring against downside risks, and (3) ensuring widespread testing and tracing, maintaining adequate stocks of therapeutics, and enforcing public health measures in places where vaccine coverage is low. The benefits of such measures at about $9 trillion far outweigh the costs which are estimated to be around $50 billion—of which $35 billion should be paid by grants from donors and the residual by national governments potentially with the support of concessional financing from bilateral and multilateral agencies. The grant funding gap identified by the Access to COVID-19 Tools (ACT) Accelerator amounts to about $22 billion, which the G20 recognizes as important to address. This leaves an estimated $13 billion in additional grant contributions needed to finance our proposal. Importantly, the strategy requires global cooperation to secure upfront financing, upfront vaccine donations, and at-risk investment to insure against downside risks for the world.
Asian Transformations
Author : Deepak Nayyar
Publisher : Oxford University Press
Page : 602 pages
File Size : 41,87 MB
Release : 2019
Category : Business & Economics
ISBN : 019884493X
Book Description
Gunnar Myrdal published his magnum opus, Asian Drama: An Inquiry into the Poverty of Nations, in 1968. He was deeply pessimistic about development prospects in Asia. The fifty years since then have witnessed a remarkable social and economic transformation in Asia - even if it has been uneven across countries and unequal between people - that would have been difficult to imagine, let alone predict at the time. Asian Transformations: An Inquiry into the Development of Nations analyses the fascinating story of economic development in Asia spanning half a century. Asian Transformations sets the stage by discussing the contribution of Gunnar Myrdal to the debate on development then and now and providing a long-term historical perspective on Asia in the world. It then uses cross-country thematic studies on governments, economic openness, agricultural transformation, industrialization, macroeconomics, poverty and inequality, education and health, employment and unemployment, institutions, and nationalisms to analyse processes of change while recognizing the diversity in paths and outcomes. Specific country studies on China, India, Indonesia and Vietnam, and sub-region studies on East Asia, Southeast Asia, and South Asia, further highlight turning points in economic performance and demonstrate factors underlying success or failure. Including in-depth studies by eminent economists and social scientists, Asian Transformations comprehensively examines the phenomenal changes that are transforming economies in Asia and shifting the balance of economic power in the world and reflects on the future prospects for this continent over the next twenty-five years. It is a cohesive and multi-disciplinary study of a rapidly changing economic landscape, and makes an important contribution to understanding the complexities and processes of development from different perspectives.
The Global Informal Workforce
Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 414 pages
File Size : 38,52 MB
Release : 2021-07-23
Category : Business & Economics
ISBN : 1513575910
Book Description
The Global Informal Workforce is a fresh look at the informal economy around the world and its impact on the macroeconomy. The book covers interactions between the informal economy, labor and product markets, gender equality, fiscal institutions and outcomes, social protection, and financial inclusion. Informality is a widespread and persistent phenomenon that affects how fast economies can grow, develop, and provide decent economic opportunities for their populations. The COVID-19 pandemic has helped to uncover the vulnerabilities of the informal workforce.
PEFA, Public Financial Management, and Good Governance
Author : Jens Kromann Kristensen
Publisher : World Bank Publications
Page : 168 pages
File Size : 43,69 MB
Release : 2019-11-24
Category : Business & Economics
ISBN : 146481466X
Book Description
This project, based on the Public Expenditure and Financial Accountability (PEFA) data set, researched how PEFA can be used to shape policy development in public financial management (PFM) and other major relevant policy areas such as anticorruption, revenue mobilization, political economy analysis, and fragile states. The report explores what shapes the PFM system in low- and middle-income countries by examining the relationship between political institutions and the quality of the PFM system. Although the report finds some evidence that multiple political parties in control of the legislature is associated with better PFM performance, the report finds the need to further refine and test the theories on the relationship between political institutions and PFM. The report addresses the question of the outcomes of PFM systems, distinguishing between fragile and nonfragile states. It finds that better PFM performance is associated with more reliable budgets in terms of expenditure composition in fragile states, but not aggregate budget credibility. Moreover, in contrast to existing studies, it finds no evidence that PFM quality matters for deficit and debt ratios, irrespective of whether a country is fragile or not. The report also explores the relationship between perceptions of corruption and PFM performance. It finds strong evidence of a relationship between better PFM performance and improvements in perceptions of corruption. It also finds that PFM reforms associated with better controls have a stronger relationship with improvements in perceptions of corruption compared to PFM reforms associated with more transparency. The last chapter looks at the relationship between PEFA indicators for revenue administration and domestic resource mobilization. It focuses on the credible use of penalties for noncompliance as a proxy for the type of political commitment required to improve tax performance. The analysis shows that countries that credibly enforce penalties for noncompliance collect more taxes on average.
Global Economic Prospects, June 2019
Author : World Bank Group
Publisher : World Bank Publications
Page : 270 pages
File Size : 45,42 MB
Release : 2019-07-11
Category : Business & Economics
ISBN : 146481399X
Book Description
Global growth appears to be stabilizing after a period of marked weakness, but it remains fragile. A modest recovery in emerging market and developing economies continues to be constrained by subdued investment, which is dampening prospects and impeding progress toward achieving critical development goals. Downside risks to the outlook remain elevated, and policymakers continue to face major challenges to boost resilience and foster long-term growth. this issue includes essays on the benefits and risks of government borrowing, recent investment weakness in emerging market and developing economies, the pass-through of currency depreciations to inflation, and the evolution of growth in low-income countries.
Macroeconomic and Financial Policies for Climate Change Mitigation: A Review of the Literature
Author : Signe Krogstrup
Publisher : International Monetary Fund
Page : 58 pages
File Size : 47,29 MB
Release : 2019-09-04
Category : Business & Economics
ISBN : 1513511955
Book Description
Climate change is one of the greatest challenges of this century. Mitigation requires a large-scale transition to a low-carbon economy. This paper provides an overview of the rapidly growing literature on the role of macroeconomic and financial policy tools in enabling this transition. The literature provides a menu of policy tools for mitigation. A key conclusion is that fiscal tools are first in line and central, but can and may need to be complemented by financial and monetary policy instruments. Some tools and policies raise unanswered questions about policy tool assignment and mandates, which we describe. The literature is scarce, however, on the most effective policy mix and the role of mitigation tools and goals in the overall policy framework.
Global Waves of Debt
Author : M. Ayhan Kose
Publisher : World Bank Publications
Page : 403 pages
File Size : 43,86 MB
Release : 2021-03-03
Category : Business & Economics
ISBN : 1464815453
Book Description
The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
